Litecoin

What is Litecoin (LTC)?

• Litecoin is a decentralised, peer-to-peer cryptocurrency.

• Open-source software project, MIT/X11 licence.

• Inspired by Bitcoin, it is nearly identical technically.

• Differences: block generation time, hashing algorithm, max coins.

• Aims for faster block processing (2.5 minutes vs. Bitcoin's 10 minutes).

Tokenomics

• Total supply limit: 84 million coins.

• Proof-of-work consensus, Scrypt algorithm.

• Miners awarded 12.5 LTC/block, halving every 840,000 blocks.

• Next, halving to reduce the reward to 6.25 LTC/block.

As of today #{today’s date}, the price of Litecoin is ₹6,667.40 INR or 72.08 USD, with a 24-hour trading volume of 201822850.44 USD. The market capitalisation for Litecoin is 5368639921.94USD. The circulating supply is 74796043.61 Litecoin, with the total supply also being 84000000 Litecoin.

Pros:

• It has faster transaction confirmation time compared to Bitcoin.

• With lower transaction fees, it is made suitable for micro-transactions and point-of-sale payments.

• Known for its high liquidity, it is widely available on most major cryptocurrency exchanges.

• Litecoin has a strong community and substantial industry support.

Cons:

• It faces stiff competition from newer cryptocurrencies which are equipped with more advanced features.

• It has limited adoption as a payment method compared to Bitcoin.

• The mining process is energy-intensive, which is similar to Bitcoin.

Why Should You Invest in the Coin?

• Established market position and stable price history.

• Faster transaction times and lower fees.

• Potential for growth as digital currencies gain acceptance.

USP of the Coin

• Faster transaction speeds and lower processing fees than Bitcoin.

• Efficient for everyday transactions and micro-transactions.

The Problem Coin is Solving

• Aims for scalability and cost-effectiveness.

• Overcomes Bitcoin's slower transactions and higher fees.

Founder and Team Background

• Charlie Lee, the former Google engineer, is the founder of Litecoin (LTC).

• Lee manages the Litecoin Foundation, promoting Litecoin adoption.

• Team with diverse backgrounds in technology and finance.

ICO Price

• No Initial Coin Offering (ICO); mined from the start like Bitcoin.

Risks Associated in Investing in the Coin

• Market volatility, regulatory changes, competition, security vulnerabilities.

• Advised thorough research and consideration of risk tolerance.

The Litecoin whitepaper outlines the creation of a peer-to-peer cryptocurrency that aims to improve Bitcoin's limitations. It introduces Litecoin as a lighter version of Bitcoin, with faster block generation times of 2.5 minutes and using the Scrypt hashing algorithm to ensure fairer mining opportunities.

The whitepaper discusses the technical specifications of Litecoin, including its maximum supply of 84 million coins, block rewards, and halving schedule. It emphasises Litecoin's goal to provide fast, secure, and low-cost payments globally, making it an effective medium of commerce complementary to Bitcoin.

The document also covers the importance of community involvement, open-source development, and the continuous effort to innovate and improve the Litecoin network's efficiency and accessibility. Overall, the whitepaper presents Litecoin as a practical solution for everyday transactions and a significant contributor to the evolution of digital currencies.

This summary provides an overview of Litecoin's foundational principles and objectives as detailed in its whitepaper and other official sources.